On the subject of the NY law, the court opinion provides a brief history of fraud laws in NY. Prior to the 1956 law, common law fraud in NY did require damages:
>>>The instant action is not a garden-variety common law fraud case. Common law fraud (also
known as “misrepresentation”) has five elements: (1) A material statement; (2) falsity; (3)
knowledge of the falsity (“scienter”); (4) justifiable reliance; and (5)
damages. See, e.g., Kerusa
Co. LLC v W10Z/515 Real Estate Ltd. Partnership, 12 NY3d 236, 242 (2009)<<<(emphasis added).
Because this law was difficult to enforce and fraud was (reportedly) rampant, the state passed a law in 1956 to give the
government more power to stop fraud:
>>>Along came Executive Law § 63(12), which began life as Laws of 1956, Chapter 592, “An act to
amend the executive law, in relation to cancellation of registration of doing business under an
assumed name or as partners for repeated fraudulent or illegal acts.”<<<
Given that both Trump and his father had been in business in NY for many years, they must have known about this law. Trump chose to take a risk and he got caught.
The decision cites prior court decisions in NY:
>>[D]isgorgement aims to deter wrongdoing by preventing the
wrongdoer from retaining ill-gotten gains from fraudulent conduct.
Accordingly,
the remedy of disgorgement does not require a showing
or allegation of direct losses to consumers or the public; the source
of the ill-gotten gains is “immaterial.”
People v Ernst & Young, LLP, 114 AD3d 569 (1st Dept 2014) (disgorgement is not
impermissible penalty “since
the wrongdoer who is deprived of an illicit gain is ideally left in the
position he would have been had there been no misconduct”)<<<
Trump is now (at least in theory) in the same position he would have been in if he had not engaged in fraud. He would have paid much higher interest rates if he would have provided accurate financial statements.
Trump gambled and lost so he's throwing yet another tantrum.
View attachment 66014
He's the biggest whiner in the history of whiners.
Suck it up there buttercup.
